trending Market Intelligence /marketintelligence/en/news-insights/trending/TvzTqbyWvOoxYGkaXFAe3A2 content esgSubNav
In This List

Report: Hargreaves Lansdown bosses to give up bonuses over Woodford scandal

Blog

Commercial Banking: June 22nd Edition

Blog

Commercial Banking Newsletter June Edition - 2022

Podcast

Street Talk | Episode 96: Considering recession risks, prospects that the Fed achieves a 'soft landing'

Case Study

Actions to Reduce Emissions at an Asian Financial Services Firm


Report: Hargreaves Lansdown bosses to give up bonuses over Woodford scandal

Several executives of Hargreaves Lansdown PLC will give up their bonuses for 2019 after clients of the U.K.-based investment platform were hit by the suspension of high-profile fund manager Neil Woodford's LF Woodford Equity Income Fund, Reuters reported, citing a source with direct knowledge of the matter.

CEO Chris Hill, CFO Philip Johnson, Chief Investment Officer Lee Gardhouse and Research Director Mark Dampier will surrender their bonuses for the year, the source said. Hill is said to be waiving as much as £2.1 million in bonuses until the troubles with the suspended fund are resolved.

Woodford's suspension of the fund in early June left nearly 300,000 Hargreaves Lansdown clients unable to withdraw money from the fund, Reuters noted. In July, the customers were allowed to move their money to a different investment platform.

Woodford blocked redemptions from the fund in early June amid growing client withdrawals.